Word: surtaxable
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Last November, Secretary Mellon proposed a plan for tax reduction - first edition. Subsequently the Ways and Means Committee revised the bill and approved it with not many major changes - second edition. The House itself then got to work on the bill and made some considerable alterations, including the Longworth surtax rates (graded up to 37½%). Then the House passed the bill - third edition. Last week the Finance Committee (of the Senate) completed work on the bill and left it again in altered form - fourth edition...
...main features of the Finance Committee version are: ¶ Restoration of the original surtax rates proposed by Secretary Mellon (maximum surtax 25%; normal tax 3% up to $4,000, 6% on $4,000 and more...
Stationary but not unoccupied, the tax reduction bill remained in the Senate Finance Committee, preparing for its appearance in the upper House. The most important thing which befell the bill was the displacement of the Longworth compromise tax rates (maximum surtax 371/2%) by the original Mellon rates (maximum surtax 25%). This was done by vote of 8 to 7. Two members of the Committee were absent. One of them, Senator LaFollette, would have voted with the Democrats against the change. The other, Senator Medill McCormick of Illinois, Republican, was classified as "uncertain." In their double absence, however, the thing...
...Reduction bill, having passed out of the hands of the House with 37½% surtaxes (TiME, March 10), dallied in the Senate Finance Committee before appearing on the floor of the Upper House. What its fate will be there is uncertain. Some say the surtax rates will be lowered nearer the Mellon (25%) rates; some that they will be raised nearer the Garner (44%) rates. The latter opinion seems to be gaining. During the interval of expectation, there was last week a little comedy enacted over that section of the bill which promises a 25% flat reduction for all income...
...entering upon his 16th year in the House, is whip for the Democrats. The feat for which the National Committee commended him proved him to be a very knout and bastinado. In the voting on the tax reduction bill in the House, the Democrats succeeded in substituting the Garner surtax rates for those of the Mellon plan. Later the Garner rates were stricken out (when the Republican insurgents went back to their party), but at the high tide of Democratic success, Whip Oldfield assembled on the floor all but three Democratic members. One was at a funeral. Two were lying...